By: Matt Rego
Shares of Ultra Petroleum Corp. (OTCPink: UPLMQ) are rallying over 25% on heavy volume of 3.4 million shares or $2.2 million in dollar volume. The distressed oil company filed for Chapter 11 bankruptcy earlier in May 2016.
The massive rally comes just days after new short interest data for Ultra Petroleum Corp. (OTCPink: UPLMQ) showed an increase of 12.75% to a total of 34.3 million shares held short from the previous reading of 30.42 million short interest. Here is an overview of the oil company’s short interest data:
The stock of Ultra Petroleum Corporation (OTCMKTS:UPL) registered an increase of 12.75% in short interest. UPL’s total short interest was 34.30 million shares in May as published by FINRA. Its up 12.75% from 30.42M shares, reported previously. With 9.90M shares average volume, it will take short sellers 4 days to cover their UPL’s short positions. The stock is up 0.10% or $0.001 after the news, hitting $0.503 per share. About 2.46 million shares traded hands. Ultra Petroleum Corp. (OTCMKTS:UPLMQ) has risen 6.00% since April 17, 2016 and is uptrending. It has outperformed by 3.43% the S&P500.
Ultra Petroleum Corp. is an independent gas and oil company. The company has a market cap of $77.15 million. The Firm is engaged in the development, production, operation, exploration and acquisition of oil and natural gas properties. It currently has negative earnings. The Firm operates in natural gas and oil exploration and development industry, with geographical segment, the United States.
The institutional sentiment increased to 0.82 in 2015 Q4. Its up 0.04, from 0.78 in 2015Q3. The ratio increased, as 38 funds sold all Ultra Petroleum Corp. shares owned while 60 reduced positions. 24 funds bought stakes while 56 increased positions. They now own 137.35 million shares or 2.87% more from 133.53 million shares in 2015Q3.
Disciplined Growth Investors Inc Mn holds 0.88% of its portfolio in Ultra Petroleum Corp. for 13.91 million shares. Elm Ridge Management Llc owns 1.81 million shares or 0.87% of their US portfolio. Moreover, Parametrica Management Ltd has 0.81% invested in the company for 49,112 shares. The New Hampshire-based Granite Investment Advisors Inc. has invested 0.5% in the stock. Vollero Beach Capital Partners Llc, a New York-based fund reported 513,965 shares.